IslamicFinance.de

Fitch Rating Agency warns about Sharia-complained banks as they do not complete with established conventional banks offering Islamic-compliant products. This is especially the case in Oman who's banking market hasn't been opened yet.

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The Shariah board of ‘Meethaq’ Islamic banking gave the approval for RO 150 million capital assigned by BankMuscat for its Islamic banking window operations awaiting regulatory approval. The board from Shariah perspective authorized the authenticity of capital allocation from BankMuscat shareholders’ fund for operations of independent Meethaq Islamic banking.
Sheikh Dr Ali Qaradaghi, Chairman of Shariah board, revealed that the capital allocation is in line with injunctions of al-Quran and as-Sunnah and the fact that various contemporary Shariah scholars have supported the usage of shareholders' fund for Sharia compliant transactions.

BankMuscat's Board of Directors decided to arrange an independent Islamic banking window at the bank and launch Islamic banking operations in accordance with the injunctions of Shariah, subject to approval from the Central Bank of Oman.
The bank revealed the logo of its Islamic banking window under the brand name 'Meethaq' at the Oman Islamic Economic Forum.
The bank's Islamic banking operations will be separated from its conventional counterpart in all aspects. Further, in line with CBO requirements, the bank noted the formation of a 3-member Shariah board to ensure the Meethaq operations are in compliance with Shariah.

BankMuscat wa sthe host of an introductory seminar on Islamic banking services in the Sultanate under the support of Sheikh Abdullah bin Salim bin Abdullah A'Salmi, Deputy-Chairman of the Capital Market Authority.
The lecture included some of the products that could be presented by the Islamic banks, such as Mudharaba, Eejar, Murabaha and Islamic bonds.

BankMuscat equips to activate Islamic finance products.
K. Gopakumar, General Manager, Wholesale Banking, states that they already have the necessary in-house to revive Shari’ah-compliant products.
The bank recently attended a series of customised Islamic banking courses for some 250 staff, presented by US consultancy Shape Financial Corp.

BankMuscat lead a series of customised Islamic banking courses. The learning and development solutions for staff is as part of the bank’s commitment to launch Islamic banking products and services in accordance with the directives of His Majesty Sultan Qaboos.
The bank produced the courses so that they provide general awareness modules that imparted broad-based knowledge and skills of the Islamic finance principles, which are derived from the Holy Quran.